In the deep south during the 1930s, three escaped convicts search for hidden treasure while a relentless lawman pursues them.

Loosely based on Homer's "Odyssey," the movie deals with the picaresque adventures of Ulysses Everett McGill and his companions Delmar and Pete in 1930s Mississipi. Sprung from a chain gang and trying to reach Everett's home to recover the buried loot of a bank heist they are confronted by a series of strange characters--among them sirens, a cyclops, bank robber George "Baby Face" Nelson (very annoyed by that nickname), a campaigning governor and his opponent, a KKK lynch mob, and a blind prophet who warns the trio that "the treasure you seek shall not be the treasure you find."